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Athens Stock Exchange Drops After 5-Week Shutdown

stockThe Athens Stock Exchange (ASE) dropped by 23% on Monday, after a five-week shutdown due to capital controls.
The Greek stock market opening was another step away from the crisis caused by the uncertainty over the country’s upcoming bailout program. However, as trading resumed, many shares took a dive.
The drop in stock value was largely in line with analysts’ predictions. WallachBeth Capital Managing Director Ilya Feygin told Reuters to expect losses between 19% and 22%, according to Deutsche Welle. Beta Securities trader Takis Zamanis even went so far as to say that no single share would gain on the day.
Capital controls were imposed on the Greek market after the country’s government announced a referendum on whether it should accept the creditors’ bailout terms. As a result, the stock market was closed for five weeks.
At the moment, the SYRIZA-led government has agreed to restart negotiations on a new bailout program with its international creditors.
Greece has requested 24 billion euros as a first bailout installment in order to recapitalize its banks. However, the European Commission indicated that the country may not be able to receive the money in August, therefore it will be crucial to sign a new bridge loan.

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